Canadian Gold Miner Promised 46% Production Increase, Loses 2 Trillion Won in a Day

Alamos Gold Inc. (NYSE: AGI) shares plunged 8.77% intraday to $42.19 on the 12th, compared with the previous day. Trading volume topped 3.12 million shares, and with a market capitalization of about $17.7 billion, the company saw roughly $1.4 billion in value wiped out in a single day—equivalent to nearly KRW 2 trillion.

In early February, the company unveiled a major expansion plan to scale its Island Gold operation to a processing capacity of 20,000 tonnes per day, alongside a three-year operational guidance aiming to boost gold production by 46% and reduce costs by 2028. Just before that, Alamos Gold disclosed additional high-grade gold mineralization from drilling at Island Gold and the nearby Cline-Pick area, highlighting the best hole ever at Cline-Pick—intersecting 178 g/t gold over 3.5 meters.

Headquartered in Toronto, Canada, Alamos Gold is a mid-tier producer operating three North American mines: the Island Gold and Young-Davidson mines in Ontario, and the Mulatos mine in Sonora, Mexico. The company is pursuing a growth strategy to further increase output through its Island Gold Phase III Plus expansion and the Lynn Lake project in Manitoba.